Philippines: Polyurethanes Market 2024

Polyurethanes Market Size in the Philippines

The Philippine polyurethanes market rose markedly to $X in 2021, picking up by 8.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted strong growth. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Polyurethanes Exports

Exports from the Philippines

In 2021, after two years of growth, there was significant decline in overseas shipments of polyurethanes in primary forms, when their volume decreased by -97.3% to X tons. In general, exports saw a significant decline. The pace of growth appeared the most rapid in 2014 with an increase of 2,873% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, polyurethanes exports contracted remarkably to $X in 2021. Over the period under review, exports faced a abrupt contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 638% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), South Korea (X tons) and the UK (X kg) were the main destinations of polyurethanes exports from the Philippines, together comprising 98% of total exports. Taiwan (Chinese) lagged somewhat behind, comprising a further 2.5%.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of 0.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for polyurethanes exported from the Philippines were South Korea ($X), Malaysia ($X) and the UK ($X), with a combined 93% share of total exports. Taiwan (Chinese) lagged somewhat behind, accounting for a further 7.3%.

Taiwan (Chinese), with a CAGR of 0.0%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average polyurethanes export price stood at $X per ton in 2021, jumping by 849% against the previous year. In general, the export price saw significant growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+27.7%), while the prices for the other major destinations experienced more modest paces of growth.

Polyurethanes Imports

Imports into the Philippines

In 2021, approx. X tons of polyurethanes in primary forms were imported into the Philippines; with an increase of 3.6% compared with the year before. In general, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 34%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, polyurethanes imports expanded notably to $X in 2021. Over the period under review, imports showed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 47% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Malaysia (X tons) and South Korea (X tons) were the main suppliers of polyurethanes imports to the Philippines, with a combined 55% share of total imports. These countries were followed by Singapore, Thailand, Japan, India, Taiwan (Chinese), Spain, Greece and the United States, which together accounted for a further 40%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +51.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest polyurethanes suppliers to the Philippines were Malaysia ($X), China ($X) and South Korea ($X), together comprising 52% of total imports. These countries were followed by Japan, Singapore, Thailand, India, Taiwan (Chinese), Spain, the United States and Greece, which together accounted for a further 42%.

Spain, with a CAGR of +50.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average polyurethanes import price stood at $X per ton in 2021, surging by 3.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2018 when the average import price increased by 17%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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